S.Amdt. 4718

1. Adds SEC. ____. 5-YEAR DISCOUNT OF FLOOD INSURANCE RATES FOR FORMERLY PROTECTED AREAS wherever appropriate

   Adds a section

   Inserted: SEC. ____. 5-YEAR DISCOUNT OF FLOOD INSURANCE RATES FOR FORMERLY PROTECTED AREAS.

   Inserted: Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015), as previously amended by this Act, is further amended--

   Inserted: (1) in subsection (c), by inserting "and subsection (i)" before the first comma; and

   Inserted: (2) by adding at the end the following new subsection:

   Inserted: "(i) 5-Year Discount of Flood Insurance Rates for Formerly Protected Areas.--

   Inserted: "(1) In general.--Notwithstanding any other provision of law relating to chargeable risk premium rates for flood insurance coverage under this title, in the case of any area that previously was not designated as an area having special flood hazards because the area was protected by a flood protection system and that, pursuant to any updating, reviewing, or remapping of flood insurance program rate maps under this Act or any other subsequent Act, becomes designated as such an area as a result of the decertification of such flood protection system, during the 5-year period that begins upon the initial such designation of the area, the chargeable premium rate for flood insurance under this title with respect to any property that prior to the date of enactment of the Homeowner's Flood Insurance Protection Act of 2007 was located within such area shall be equal to 50 percent of the chargeable risk premium rate otherwise applicable under this title to the property.

   Inserted: "(2) Rule of construction.--For purposes of paragraph (1), any new property or structure developed, constructed, or otherwise built after the date of enactment of the Homeowner's Flood Insurance Protection Act of 2007 on any property described in such paragraph shall not be eligible for the chargeable premium rate discount under such paragraph.".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed